Binh Dinh grants investment licence to Japanese investor

Marubeni Lumber implements a project on an area of 10ha with an investment of US$5 million for 50 years. The project will start construction in the second quarter of this year and be operational in the second quarter of next year.

It will make industrial wood products and wood furniture, process wood and timber products and produce wood oil and high-quality timber products for domestic use and exports.

After the project is put into operation it will help Binh Dinh province increase its exports, spur growth of the wood processing industry, generate over 200 stable jobs and stabilize social welfare.

Marubeni Lumber expects to raise investment capital to US$20 million in the second phase of the project.

Binh Dinh licensed two FDI (foreign direct investment) projects in February.